News stories from Friday July 30, 1971

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Apollo 15 landed on the moon; the astronauts had difficulty undocking this afternoon. [CBS] A Japanese airliner collided with a jet fighter, killing 162 passengers. The collision is the worst disaster in aviation history; the student pilot of the military jet parachuted to safety and was questioned by police. [CBS] A French military airplane blew up; 37 soldiers were killed. [CBS] The UTU struck against six more railroads today, as promised. President Nixon met with union and railroad leaders. Labor Secretary James Hodgson said that the railroad strike has become critical in parts of America; 41% of U.S. railroad trackage is now affected.Economic adviser Paul McCracken believes that the strike could affect attempts to restart economic expansion; if the strike continues for 30 days, the U.S. economy could decline 5%. Ford Motor Company is shutting down its Chicago plant because the Norfolk and Western Railway can't deliver parts. St. Louis and Kansas City, Missouri, plants are also closing; 8,500 employees will be laid off. [CBS] A steel industry strike is set for tomorrow midnight. Steelworkers vice president Joseph Molony said that the union will reject any suggestion of extending the strike deadline. Steel companies are already shutting down and laying off workers. [CBS] The Senate failed to end the filibuster against the Lockheed Aircraft loan; the House is considering a bill to help Lockheed. [CBS] The Commerce Department reported a drop in consumer purchasing. [CBS] 38 women escaped from a jail in Montevideo, Uruguay. [CBS] Assistant Secretary of State Joseph Sisco met with Israeli Prime Minister Golda Meir. [CBS] Four American helicopters were shot down in Cambodia and South Vietnam today. [CBS] A compromise was reached on a new draft law. A House-Senate conference committee agreed to an amendment to the draft bill stating that withdrawal from South Vietnam is the "sense of Congress", not the policy of the American government. If the bill is not passed by next Friday, there won't be a draft call until October. [CBS] A woman dying of bone cancer had been describing her feelings on a tape recorder, until the machine was stolen. 20-year-old Lyn Helton of Denver, Colorado, has known about her terminal cancer for two years. Helton said that she was afraid at first, but now just takes things as they come and does what she wants to. She has taken being this close to death as an opportunity to live life to its fullest; being able to live is a gift in itself. [CBS]

Stock Market Report

Dow Jones Industrial Average: 858.43 (-2.99, -0.35%)
S&P Composite: 95.58 (-0.45, -0.47%)
Arms Index: 1.13

	Issues	Volume*
Advances	516	4.04
Declines	812	7.16
Unchanged	317	1.77
Total Volume		12.97

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
July 29, 1971	861.42	96.03	14.57
July 28, 1971	872.01	97.07	13.94
July 27, 1971	880.70	97.78	11.56
July 26, 1971	888.87	98.67	9.93
July 23, 1971	887.78	98.94	12.37
July 22, 1971	886.68	99.11	12.57
July 21, 1971	890.84	99.28	11.92
July 20, 1971	892.30	99.32	12.54
July 19, 1971	886.39	98.93	11.43
July 16, 1971	888.51	99.11	13.87